The bill would bar the Federal Government from requiring money-transmitting businesses to pay an excise tax or fee unless the Treasury Secretary certifies to Congress that it would not increase financial crime risks or place an undue burden on those businesses. The definition includes licensed money senders and businesses using informal transfer systems.
If you send or receive money through a transfer business, the bill could limit when the Federal Government may require that business to pay an excise tax or fee. It does not describe a direct change to individual customers’ fees.
No publicly available information.
The bill’s findings state that penalties on remittances may lead consumers to use unregulated transfer methods, which can lack records and be attractive for money laundering and other crimes. The bill would require Treasury to assess financial crime risks and burdens before such taxes or fees are required.
No publicly available information.